NEW YORK — Robert Redford, the actor and filmmaker, has sold the Salt Lake-based Sundance mail-order catalog business to private equity firms ACI Capital and Webster Capital.
The deal, which gives the two middle-market buyout firms majority ownership of the Sundance Catalog Co., is being valued at between $20 million and $40 million, according to sources familiar with the deal.
The catalog is aimed at making the work of new artists available to a wider public. It sells apparel, accessories, furniture, art, jewelry and other products inspired by the American West.
Redford will retain a "small" share in the company, according to the sources.
Allen Eichhorn, Robert Redford's spokesman, couldn't immediately provide a reason as to why the actor has sold the catalog company.
Executives at Webster Capital and ACI Capital couldn't be reached for comment.
Revenue data for the mail order catalog were not available, but sources said the business is profitable.
In addition to founding Sundance Catalog in 1989, Redford started the Sundance Institute, Sundance Film Festival, Sundance Channel and Sundance Village Resort.
Reports elsewhere have claimed the actor is looking to liquidate his 20 percent investment stake in the Sundance Channel cable network. Redford has since publicly denied wanting to sell his stake.
New York-based ACI Capital is a subsidiary of A.C. Israel Enterprises, a private investment firm acting on behalf of the Israel family and its partners. The family relies on ACI Capital to make direct investments and small-business investments in amounts ranging from $5 million to $20 million. The company owns weight-loss firm Jenny Craig with MidOcean Capital Partners.
Webster Capital, based in Cambridge, Mass., usually partners with management teams of profitable branded companies. It usually invests between $2 million and $15 million in a transaction.